Ex-Enron traders sentenced to probation

Ex-traders sentenced to probation

KRISTEN HAYS, Copyright 2007 Houston Chronicle

Published 6:30 am, Thursday, February 15, 2007

Photo: Steve Ueckert, Chronicle

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Timothy Belden, former head of West Coast power trading for Enron, pleaded guilty in October 2002 to conspiracy to commit wire fraud for engineering schemes to gain massive profits for Enron by manipulating California's market. less

Timothy Belden, former head of West Coast power trading for Enron, pleaded guilty in October 2002 to conspiracy to commit wire fraud for engineering schemes to gain massive profits for Enron by manipulating ... more

Photo: Steve Ueckert, Chronicle

Ex-Enron traders sentenced to probation

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Two former Enron traders who admitted participating in schemes to manipulate California's power market in 2000 and 2001 were each sentenced Wednesday to two years' probation, according to the U.S. Attorney's Office in San Francisco.

Timothy Belden, former head of West Coast power trading for Enron, pleaded guilty in October 2002 to conspiracy to commit wire fraud for engineering schemes to gain massive profits for Enron by manipulating California's market.

Jeffrey Richter, who once answered to Belden, pleaded guilty in February 2003 to conspiracy to commit wire fraud and lying to the FBI during its probe of the power crisis.

U.S. District Judge Martin Jenkins in San Francisco, where the trading investigation was based, also ordered each to pay a $10,000 fine.

A third ex-Enron trader, John Forney, pleaded guilty in August 2004 to conspiracy to commit wire fraud for participating in the same schemes. He is to be sentenced next month.

The trio are the only traders from the failed energy trading giant to be charged with gaming California's market.